I decided not to bother listening to the
Reserve Bank’s appearance at FEC yesterday morning. After all, the OCR decision had been much as expected and foreshadowed, the forecast tracks etc hadn’t changed much, and – with all due respect to some new FEC members – how searching was any questioning really likely to be?
But an old colleague listened in, and was rather
concerned to hear Orr’s deputy chief executive for macroeconomics and monetary (the one with no qualifications or background in either subject) Karen Silk making what appeared to be the claim that the Bank and MPC had got the trends in inflation about right.
